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You should, however, keep in mind that you will not be able to include any of your loans from private lenders as well as any of your PLUS loans, that have been borrowed by your parents on your behalf.In order to consolidate your federal loans, you will most likely not have to go through a credit check, and you will be able to consolidate your federal student loans when you have graduated, left your school, or if you have dropped below the minimum required enrollment.Student loan consolidation is the act of putting various (or even one) loan into a new package.

As you already know, there are mainly two ways to consolidate your loans.

You may choose between consolidating your student loans through a federal or a private loan lender. With federal student loan consolidation, you are able to consolidate pretty much any federal loan by using a direct consolidation loan program.

For instance, if you are dealing with a number of student loan payments, consolidating your student loans can really make your life a lot easier by simplifying your payments to just a single monthly payment.

By consolidating your student loans, you are basically combining them all into a brand new, single student loan.

Even though a federal student loan consolidation loan’s interest rate is fixed for the whole period of the loan, that interest rate may differ from one person to another, depending on that person’s specific financial situation.

The interest rate that a federal student consolidation loan has is based on the interest rate of the loans that the person is going to consolidate.You’ll likely get a pile of mail as you near graduation. If your loans are from government programs, it's often wise to consolidate under the federal Direct Loan program. They may have heard some recent success stories (and horror stories).Again, these loans have the most consumer-friendly features. If you decide to work with a private lender, be careful about combining federal and private loans.Student loan consolidation programs are unique because they offer certain benefits that only come with student loans.A few of the biggies are: If you have private student loans, you can still "consolidate," but you're really just refinancing those loans.There are (or would be) several drawbacks to a joint consolidation.